CADIZ BAY TO INVEST €91M

Further expansion is required in order to meet future demand and the aim, in respect of the Kotka project, is to add container terminal equipment equivalent to a capacity of up to 50,000TEUs per year. The capacity of the Litke Bay Terminal is to be increased to 150,000TEUs (Phase II) and subsequently to 230,000TEUs (Phase III).The total investment of €71m comprises a €45m senior secured hybrid financing and €26m of equity provided by Container Finance Ltd Oy and Forth Ports Plc. The hybrid, a combination of project and corporate financing, consists of a ?41m Term Loan and a €4m stand-by loan facility.

€13.5m was invested in 2003 and €17m in 2004.

Over the next three years, a further €50m will be invested, much of which will finance extensions to existing quays.